Fort Walton Beach Council agenda — 8-11-14--proposed budget — reading text

Backpack Blower 475475 Total Cost SS 217.217. 617617 Total Cost S 236. 602 16" Chainsaw 250 The cost per day for one Non -Recurring 42, 225 The cost per day for one police firefighter/ EMT is $ 596. 21 officer is 5648. 22 Total Cost 5 75. 894 The City has 36 firefighters /EMTS The City has 43 sworn police officers The cost per day to maintain 10 acres if parks is $ 207. 93 The City has 182. 70 acres of parks. Cit y of Fort Walton Beach. FL Budget Overview The fundamental purpose of the City' s budget is to link what City Council wants to accomplish for the community with the resources necessary to do so. As such, the budget offers more than just financial elements — it presents an overview of the City's overall operations. This document is intended to provide City Council and our citizens with a plan addressing financial, operational, and policy issues. The budget serves as a: Policy Document — The budget presents financial policies, addresses Vision and Strategic Plan goals, and identifies the short We are committed to providing quality service to and long -term impacts programs, services, our community in ways that are responsive and and capital improvements will have on the caring by working together to serve our residents. City' s operations and finances. We believe that the success of our organization Financial Plan — The budget outlines the depends upon the teamwork, mutual trust, and honesty achieved through our commitment to the following financial structure and operational changes Core Values: required for financial stability, including the Integrity: we will conduct ourselves in an capital improvements program and debt honest, trustworthy, and ethical manner. management information. Accountability: we will take full responsibility for our actions, resources, and attitudes. Operations Guide — The budget provides Teamwork: we will work together to provide direction to departments by identifying the quality services. relationships between organizational units and Customer Service: we will be professional, use programs, identifying the workforce and all available resources, and strive to meet the historical data on operations, identifying the needs of our customers. impact of capital spending, and establishing Continual Improvement: we will promote a measurable performance goals and objectives culture that seeks to better our organization. for managers to evaluate the effectiveness of their organization. Communication Device — The budget is presented in a format that is easily understood through the use of charts and graphs, icons, statistical information, and narrative descriptions. The budget is a financial operational plan estimating expenditures for a given period and the proposed means to finance those objectives. The State of Florida requires municipalities to prepare a balanced budget, whereby sufficient resources must be identified to fund programs and services. The fiscal year for all Florida cities begins October Is' and ends September 30`h. The sheer volume and complexity of information can make the budget an imposing document. The reader should always keep in mind that this document answers two core questions: " Where is the City of Fort Walton Beach' s money coming from ?" and " How will that money be used ?" FUNDSTRUCTURE An important concept in governmental accounting and budgeting is the division of the budget into categories called funds. Funds are separate fiscal accounting entities. Budgeting and accounting for revenues and expenditures in this manner is called fund accounting. Fund accounting allows a government to budget and account for revenues and expenditures restricted by law or policy. Governments may use any number of individual funds in their financial reporting; however, generally accepted accounting principles ( GAAP) require all these individual funds to be aggregated into specified fund types. Any fund constituting 10% or more of the appropriated budget is considered a " major" fund. Ch of Fort wahon Beach. FL Budget Overview There are basically three groups of funds in governmental accounting: Governmental Funds — account for activities supported by taxes, grants, and similar resources and include most governmental functions; fund types include general, special revenue, capital projects, debt service, and Cin' ufFon N'. Im B. Budga. rc fund. ch permanent. imd. mmW N..Fund. n v,,. . Proprietary Funds — account for activities similar to those often found in the private frAcc Grnnd Fwd Spcid Rnmue n'° sector; fund types include enterprise and bjo Fr. f F ® d. ° Fundsrw internal service funds. w Fod Gu6u Fn. d T.. F® d Ilapr Fug Fiduciary Funds — account for assets not 1— at —, Tnm' cFmd CMW Poi— FundFund Samm Fund OlybrF available to support the government' s BuddivF Swmwatcr Fuvd F°° d programs that are held in a trustee or agent C capacity; fund types include private- Biucl Gfm Foul purpose trust, pension and other employee Rcdc. clnpnmt benefit trust, investment trust, and agency A F- F,,. d funds. General Fund — Accounts for all financial resources not accounted for in other funds ( e. g. human resources, finance, police, fire, recreation, code enforcement, streets). Special Revenue Funds —Account for the proceeds of specific revenue sources that are legally restricted to expenditures for specific purposes. Law Enforcement Trust Fund —grants, forfeitures Law Enforcement Training Fund —traffic fines Florida Building Code Fund —building permit & inspection fees Community Development Block Grant —entitlement grant Community Redevelopment Agency —tax increment financing ( i. e. ad valorem taxes) Beal Memorial Cemetery Perpetual Fund —lot, crypt, and niche sales Debt Service Fund — Accounts for the accumulation of resources for, and the payment of, general long -term debt principal and interest. Capital Projects Fund — Accounts for financial resources to be used for the acquisition or construction of major capital facilities, thereby more accurately accounting for a variety of one- time facility improvements and